U.S.-based crypto custodian BitGo has confidentially filed for an initial public offering, the company said Monday, becoming the latest digital asset player looking to tap into renewed investor interest.
The filing comes as crypto markets rebound sharply, with Bitcoin recently crossing $120,000 and the sector’s overall value hitting $4 trillion. A string of successful IPOs in crypto and fintech has signaled a pickup in capital markets activity, drawing out firms that had been waiting on the sidelines.
Founded in 2013 and based in Palo Alto, BitGo specializes in securing digital assets for institutional clients. It raised $100 million at a $1.75 billion valuation last August and is widely viewed as one of the top custodians in the U.S. crypto space.
The company didn’t disclose the number of shares or price range for the offering.
BitGo’s move follows similar confidential filings by Gemini, the crypto exchange run by the Winklevoss twins, and asset manager Grayscale, suggesting the IPO window may be opening for crypto names again.
The timing is notable. Last week, President Donald Trump signed legislation laying out a framework for U.S. dollar-backed stablecoins, clearing the way for broader adoption of digital payments and boosting regulatory confidence in the space.
BitGo managed to secure financing with only a minor valuation decrease compared to prior expectations. It was the firm’s first external funding round since 2017, when it raised $42.5 million in a Series B led by Valor Equity Partners, with backing from former PayPal COO and current U.S. “Crypto Czar” David Sacks.
BitGo previously explored going public. In 2021, it was set to be acquired by Galaxy Digital, the cryptocurrency trading firm led by Mike Novogratz, in a deal that would have valued the company at $1.2 billion. However, Galaxy terminated the agreement in August 2022, citing BitGo’s failure to provide audited financial statements.
BitGo remains a key infrastructure provider in the crypto space, serving institutional clients with custody, staking, and other asset security services.
Interestingly, Galaxy Digital struck a deal to bring its blockchain staking services to BitGo Trust despite an ongoing $100 million lawsuit between the two companies.
The agreement allows Galaxy—which manages over $4 billion in staked crypto assets—to offer its staking and validator services to BitGo’s institutional clients. This means investors can earn staking rewards while also using their assets as collateral for loans and trading on Galaxy’s platform.
Galaxy initially agreed to acquire BitGo, a regulated custody provider, in May 2021 but later scrapped the deal in early 2023, prompting BitGo to sue for breach of contract.
Despite the legal battle, the two firms said in a joint statement: “Galaxy and BitGo both see an incredible opportunity to further drive adoption of digital assets and remain committed to strategic collaboration despite ongoing legal proceedings, which are a separate matter.”
